"These momentum names go up on hopes and dreams … and then when they go down, you're suddenly saying, 'Wait, why did I own this in the first place?'" he said.

Hickey also cited "low-quality IPOs coming to market" as a sign that there was weakness in the stock market, noting that there hasn't been an initial public offering of more than $250 million in two months.

"You don't want to be investing in a lot of them ," he said. "They don't have earnings. They don't expect to have earnings."

But once IPOs start to get shelved, Hickey added, the selloff has run its course.

SkyBridge Capital's Anthony Scaramucci said he liked Goldman Sachs and Morgan Stanley for their exposure to IPO fees, but not the companies going public themselves.

"I would stay away from these things unless you're getting a chance to flip them," he said.

Momentum stocks, those in which prices have outpaced valuations, were also worth avoiding, too, Scaramucci added—with the possible exception of such companies as Google and Facebook. They "can support the valuations, I think," he said.